Prime Minister Narendra Modi, tending to the nation today evening time, declared that Rs. 500 and Rs. 1000 notes won’t be utilized from midnight onwards. The Rs. 500 and Rs. 1000 notes must be saved at post workplaces and banks before the end of December, the PM said, adding the move was key to battle “the infection of dark cash.”
THINGS TO KNOW
— Deposit old notes of Rs 500 or Rs 1,000 in bank or post office accounts from November 10 till December 30, 2016, without any limit. There will be a limit on withdrawal of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.
— Exchange old notes of Rs 500 or Rs 1,000 at any bank, head post office or sub-post office while showing ID proof. The limit for this Rs 4,000 up to November 24.
— No restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer.
— On November 9 also, ATMs will not work. In the first few days, there will a limit of Rs 2,000 per day per card. This will be raised to Rs 4,000 later.
— For 72 hours, government hospitals will continue to accept old Rs 500 and Rs 1000 notes for payment.
— For 72 hours, railway ticket booking counters, ticket counters of government buses and airline ticket counter at airports will accept the old notes for purchase of tickets.
